Did you know that up to 40%* of a contract’s value can be lost due to inefficient contracting? This ‘value leakage’ happens when organisations can’t keep up with vast volumes of supplier contracts. What’s more, businesses become vulnerable to risk, a drop in service standards and non-compliance.
The solution? A tailor-made supplier portal that allows you to manage the full spectrum of steps and transactions involved in onboarding a new supplier or service provider.
MatterMap gives you full control of the entire process of onboarding a new supplier, from completing the initial application, vetting, approval or rejection, to the conclusion of a new supply agreement, which can be electronically signed using Updraft’s internally developed e-signature technology.
In addition, amendments to agreements, renewals and terminations can all be managed at a click of a button. Information is only captured once, but can be used to create multiple documents and alerts, saving huge amounts of time for everyone involved.
Applying data matching and analytics, MatterMap also manages your group-wide supplier relationships, preventing ad hoc agreements with suppliers that are already party to preferential pricing and agreements negotiated at a group level. Risky gaps in your contracting are also plugged with inbuilt and failsafe “no contract, no payment” measures, preventing unregulated relationships and qualified audits.
A slick contract management system and process means:
- Time savings: A central contract repository means less distractions in the form of ad hoc requests for contract information.
- Cost savings: A consolidated view of all suppliers and their prices provides opportunities for consolidation and smarter cost planning.
- Risk mitigation: Compliance documents can easily be drafted and stored with each supplier contract, and automatic reminders can be set to trigger any updates.
Let’s look at how Updraft transformed business processes for some of our large customers.
Massmart:
Speeding up turnaround times for supplier onboarding
When this Walmart group company tasked Updraft with replacing their out-of-date contract management system, it was no small feat. Massmart is the second-largest distributor of consumer goods in Africa, the largest retailer of general merchandise, liquor and home improvement equipment, and a wholesaler of basic foods.
The company works with a vast number of suppliers across five African jurisdictions, which meant that a massive ‘clean-up’ of 18,000+ historical client legal documents had to take place.
With the support of our expert legal team, we created an all-new contract management system with unique security privileges, contract precedents, levels of authority and compliance elements built in and applied to each division of the business. Each contract was analysed and uploaded to the Updraft platform, while critical reporting and business data in relation to each contract was captured.
Pioneer Foods:
Flexible, tailor-made solution for this Pepsi group company
As a large food and beverage manufacturing, processing and distribution business, Pioneer Foods contends with various food safety, environmental and occupational health and safety risks and required a contract management system with effective compliance controls in place.
Updraft provided the business with a flexible solution that maintains a golden thread of compliance, oversight and efficiency across the entire business. Beyond supplier onboarding, the Updraft platform automatically drafts and manages the lifecycle of all of the company’s key operational agreements, including acquisition, marketing, intellectual property, distribution, human resources, procurement, leases, manufacturing, supply and logistics.
Oceana Group:
Automated 40+ different types of agreements
Large multinational fishing company, Oceana, briefed us on deploying a new system which would allow their in-house attorneys to draft and manage more than 40 different types of agreements. It also needed our legal team to manually review and capture key contract data found in 800 historic agreements.
An all-new contract management system revolutionised the way Oceana’s commercial department drafts and prepares contracts, providing them with a 100% uptime record. The legal team can now draw real-time reports directly from contract metadata captured by the Updraft support team during the implementation phase.
Contract renewals are driven by built-in electronic reminders, while agreement approvals and reviews are streamlined with auto-generated executive summaries that provide key terms and agreements extracts for review by the management team.
To find out how Updraft can help your business save costs, mitigate risks and unlock more value from your supplier contract agreements, request a free demo today.